Shares of Yahoo! Inc. (NASDAQ: YHOO) were trading higher by more than 2 percent early Thursday morning after Bloomberg reported that activist investor and influential shareholder Starboard Value is "taking initial steps" in declaring a potential proxy fight with the company.

Bloomberg, citing "people familiar with the matter," noted that Starboard Value isn't "satisfied" with Yahoo's efforts in selling some of its internet assets. The publication added that a proxy-solicitation adviser, Okapi Partners, has already been in contact with Yahoo shareholders - a common trait ahead of a potential proxy battle.

Starboard Value has been threatening a proxy battle against Yahoo since at least November.

Bloomberg also added that a window to nominate members to Yahoo's Board of Directors opens next week and will stay open for about one month and that the activist investor "could push for new board members as soon as this month."